Bonds of the government of the United States of America

HG

4941
H5

UC-NRLF

I III'

$C 3b SD?

YH 0016"

BONDS

OF THE GOVERNMENT OF THE

UIVITED STATES OF AJMERICA

W. B. HiBBs AND Company

If

HIBBS BUILDING
WASHINGTON. D. C.

COPYRISHTED. 19IO. BY W. B. HiBBS AND COMPANY, WASHINGTON. D. C.

Frederic jl.

,^ i- UNITED ST ATFS

LOAN

DATED

4% LOAN OF 1925

February 1, 1895

2% CONSOLS OF 1930

[Page One]

After February 1, 1925,
"at the pleasure of
the United States."

April 1, 1900

RATE OF
INTEREST

After April 1, 1930, "at
the pleasure of the
United States," upon
three months' notice.

4%

2%

PRE-WAR

INTEREST PAYABL

February 1st,
May 1st,
August 1st, anc
November 1st

January 1st,
April 1st,
July 1st and
October 1st.

i

OF AMERICA

ISSUES

AMOUNT OUTSTANDING

Price at
Which
Issued

EXEMPTION

REMARKS

)n July 31, 1920,
$118,489,900, out of a
total issue of
$162,315,400

)n July 31, 1920,
$599,724,050, out of a
total issue of
$646,250,150

I

Par

Par

The "bonds and the
interest thereon
shall be exempt
from the pa}mient
of all taxes or
duties of the United
States, as well as
from taxation in
any form by or
under State, mu-
nicipal, or local au-
thority."— Act of
Congress approved
July 14, 1870 (16
United States Stat-
utes at Large, 272).

These bonds are "ex-
empt from the pay-
ment of all taxes
or duties of the

, United States, as
well as from taxa-
tion in any form
by or under State,
municipail, or local
authority." — Act of
Congress approved
March 14, 1900
(31 United States
Statutes at Large,
46).

This loan, issued under autliority of the Acts of Congress approved
July 14, 1870, and January 14, 1875, was for the purpose of
replenishing the depleted gold reserve of the Treasury and was
emitted in two installments, viz.: (1) $62,315,400 par value of
4% bonds, dated February 1, 1895, and redeemable at the
pleasure of the United States, "thirty years from that date,"
which bonds were sold to "the parties to a contract" executed
on February 8, 1895 (i. e., a syndicate of New Yorii bankers
headed by J. P. Morgan & Company and August Belmont &
Company) in payment for 3,500,000 ounces of gold; and (2)
$100,000,000 par value of the same issue of 4% bonds, which were
offered for public subscription from January 6 to' February
5, 1896. In the case of this second instalment — of which J. P.
Morgan & Company and their associates (the National City
Bank of New York, Harvey Fisk & Sons and the Deutsche
Bank of Berlin) were allotted $37,915,850 of bonds at a price of
110.6877, and W. B. Hibbs & Company $500,000 at 110.76 and
111.015— the coupons maturing on or before February 1, 1896,
were detached and the bidders to whom the bonds were awarded
were required to pay for them, as well as "all interest accrued
thereon after the first day of February, 1896, up to the time
of payment," in United States gold coin or gold certificates.

The 4% Loan of 1925 was issued in two forms only: (1) Coupon
bonds to bearer, in denominations of $50, $100, $500 and $1,000,
which are exchangeable for registered bonds; and (2) Registered
bonds — principal and interest — in denominations of $50, $100,
$500, $1,000, $5,000 and $10,000, which are not exchangeable for
coupon bonds to bearer.

The Transfer Agent is the office of the Secretary of the Treasury,
Washington. The transfer books are closed each year from
January 15th to February 1st, April 15th to May 1st, July 15th
to August 1st and from October 15th to November 1st, all
inclusive.

The bonds of this loan are receivable as security for the issue of
circulating notes by National Banks and Federal Reserve Banks,
but are subject to a circulation tax of one per cent. They are
also accepted, like all other United States bonds, at par as
security for Postal Savings deposits.

Authorized under the Act of March 14, 1900, for the purpose of
retiring United States 5% bonds issued under the Act of Janu-
ary 14, 1875, 4% Consols of 1907 issued under .the Acts of July
14, 1870, and January 20, 1871, and 3% bonds of 1908 issued
under the Act of June 13, 1898.

(1) Coupon bonds to bearer in denominations of $50, $100, $500 and
$1,000; and (2) Registered bonds — principal and interest — in
denominations of $50, $100, $500, $1,000, $5,000, $10,000 and
$50,000.

Coupon bonds are exchangeable for registered bonds, but registered
bonds are not exchangeable for coupon bonds.

This was the first loan in which the Government specified that both
principal and interest shall be paid in United States gold coin.
The bonds are payable "at the pleasure of the United States
after thirty years from the date of their issue" "and when pay-
ment is made the last numbers issued shall be paid first."

The office of the Secretary of the Treasury is the Transfer Agent,
and the transfer books are closed during the months of March,
June, September and December of each year.

The 2% Consols of 1930 are receivable as security for deposits of
public money and for Postal Savings deposits. They are also
available to National and Federal Reserve Banks as security
for the issue of circulating notes.

444174

LOAN

PANAMA CANAL LOAN in three

maturities :

(1) SERIES OF 1916-1936

DATED

MATURITY

August 1, 1906

(2) SERIES OF 1918-1938

(3) SERIES OF 1961

[Page Two]

November 1,

August 1, 1936. Re-
deemable after August
1, 1916, "at the pleas-
ure of the United
States."

1908

June 1, 1911

November 1, 1838. Re-
deemable after No-
vember 1, 1918, "at
the pleasure of the
United States."

June 1, 1961. Not re-
deemable before ma-
turity.

RATE OF
INTEREST

2%

2%

3%

f

PRE-WAI

INTEREST PAYABl

February 1st,
May 1st,
August 1st an
November 1st

February 1st,
May 1st,
August 1st an
November 1st

March 1st,
June 1st,
September 1st

and
December 1st.

ISSUES (Continued)

AMOUNT OUTSTANDING

Price at
Which
Issued

EXEMPTION

REMARKS

On July 31, 1920,-
$48,954,180, out of a
total issue of
$54,631,980

Par

On July 31, 1920,
$25,947,400, out
total issue of
$30,000,000

of a

Par

On July 31, 1920,

$50,000,000, which
was the total amount
issued.

Par

"Exempt from all
taxes or duties of
the United States,
as well as from
taxation in any
form by or under
State, municipal, or
local authority." —
Act of Congress ap-
proved June 28,
1902 (32 United
States Statutes at
Large, 484).

"Exempt from all
taxes or duties of
the United States,
as well as from
taxation in , any
form by or under
State, municipal, or
local authority." —
Act of Congress ap-
proved June 28,
1902 (32 United
States Statutes at
Large, 484).

"Exempt from all
taxes or duties of
the United States,
as well as from tax-
ation in any form
by or under State,
municipal, or local
authority." — Act of
Congress approved
August 5, 1909 (36
United States Stat-
utes at Large, 117).

The Panama Canal Loan, Series of 1916-1936, was authorized by
Section 8 of the Act of Congress approved June 28, 1902, supple-
mented by Section one of the Act of December 21, 1905, for the
purpose of defraying the cost of construction of the Panama
Canal. It was issued in two installments, viz.: (1) $30,000,000
par value of 2% bonds, which were offered for public subscrip-
tion from July 2 to July 20, 1906; and (2) $50,000,000 par
value of the same series of 2% bonds offered from November
18 to November 30, 1907.

This Series of 1916-1936 is in two forms only: (a) Coupon bonds
to bearer, in denominations of $20, $100 and $1,000; and (b)
Registered bonds — principal and interest — in denominations of
$20, $100, $1,000 and $10,000.

Coupon bonds are exchangeable for registered bonds, but registered
bonds are not exchangeable for coupon bonds.

The Transfer Agent is the Office of the Secretary of the Treasury,
Washington. The transfer books are closed each year from
January 15th to February 1st, April 15th to May 1st, July 15th
to August 1st and October 15th to November 1st.

These bonds are "available to national banks as security for cir-
culating notes upon the same terms as the 2 per cent consols
of 1930, to wit: The semiannual tax upon circulating notes
based upon the said bonds as security, will be one-fourth of
one per centum. They will be receivable, like all other United
States bonds, as security for public deposits in national banks"
and in Federal Reserve banks, as well as security for Postal
Savings deposits.

The Panama Canal Loan, Series of 1918-1938, to the amount of
$30,000,000 par value of 2% bonds, was issued under authority
of Section 8 of the Act of Congress approved June 28, 1902,
supplemented by Section one of the Act of December 21, 1905,
and was offered for public subscription from November 18
to December 5, 1908.

The forms of the bonds and their denominations, the Transfer
Agent, the dates when the transfer books are closed each year,
the availability of the bonds to National and Federal Reserve
Banks as security for the issue of circulating notes, as well as
for the deposit of public money and for Postal Savings deposits,
are the same as in the case of the Panama Canal Loan, Series
of 1916-1936.

I'nder the authority conferred by Section 39 of the Act of Congress
approved August 5, 1909, supplemented by the Acts of February
4, 1910, and March 2, 1911, $50,000,000 par value of the bonds of
the Panama Canal Loan, Series of 1961, bearing interest at the
rate of 3% per annum, were offered for public subscription from
May 16 to June 17, 1911.

This series was issued in two forms only: (1) Coupon bonds to
bearer; and (2) Registered bonds — principal and interest — both
in denominations of $100, $500 and $1,000.

The principal is due on June 1, 1961, but the bonds contain no men-
tion of any right of redemption prior to that date.

The transfer books for this series are closed each year from Febru-
ary 15th to March 1st, May 15th to June 1st, August 15th to
September 1st and November 15th to December 1st.

The bonds of this Series of 1961 "will not be available to national
banks as security for circulating notes, but they will be receiv-
able, like other United States bonds, as security for public de-
posits in national banks" and Federal Reserve Banks, as well as
for Postal 'Savings deposits.

PRE-WAR

LOAN

THREE PER CENT CONVERSION
BONDS

FIRST LIBERTY LOAN, now con-
sisting of four issues:
(1) FIRST LIBERTY LOAN,

3H% Gold Bonds of 1932-1947.

DATED

January 1, 1916,

and
January 1, 1917.

June 15, 1917

(2) Three conversions of the First
Liberty Loan. Vide pages 6 and 7.

[Page Three]

MATURITY

Thirty years from the
date of issue.

June 15, 1^47. Redeem-
able, in whole or in
part, at par and ac-
crued interest, on any
interest date on, or
after June 15, 1932,
upon three months'
published notice.

3%

3^%

INTEREST PAYABL

January 1st,
April 1st,
July 1st and
October 1st.

WAR

June 15th and
December 15th

ISSUES (Continued)

AMOUNT OUTSTANDING

ijOn July 30, 1920,

$28,894,500, which
was the total amount
issued.

Price at
Which
Issued

Par

.OANS

Dn February 29, 1920,
$1,410,074,400 out of
an original issue of
$1,989,456,650, the
balance having been
converted into subse-
quent Liberty Loans

»

1

Par

EXEMPTION

'Exempt as to prin-
cipal and interest
from the payment
of all taxes and
duties of the United
States as well as
taxes in any form
by or under State,
municipal, or local
authority." — E x -
cerpt from the
statement on the
face of a 3% Con-
version bond.

"Exempt, both as to
principal and inter-
est, from all taxa-
tion, except estate
or inheritance

taxes, imposed by
authority of the
United States, or its
possessions, or by
any State, or local
taxing authority."
— Act of Congress
approved April 24,
1917 (40 United
States Statutes at
Large, 35).

1

REMARKS

Section 18 of the Federal Reserve Act, approved December 23,
1913, authorized the issue of (1) One-year Treasury notes and
(2) Three per cent Conversion Bonds for the purpose of per-
mitting any F"ederal Reserve Bank to retire, during the period
from December 23, 1915, to December 23, 1940, all or any part
of its notes in circulation. To that end, the Secretary of the
Treasury was empowered, upon application of any Federal

Reserve Bank approved by the Federal Reserve Board, to issue,
in exchange for United States 2% bonds with circulation privi-
lege but against which no circulation is outstanding, (1) One-
year United States Gold Notes without circulation privilege to
an amount not in excess of one-half of the 2% bonds tendered for
exchange, and (2) Thirty-year, 3% bonds without circulation
privilege for the balance of the 2% bonds thus tendered. Such
issue was made conditional upon the Federal Reserve Bank
obtaining such gold notes, obligating itself to purchase in gold
from the Government, at the maturity of these notes and pro-
vided so requested by the Secretary of the Treasury, an amount
equal to those notes which it received in exchange for 2%
bonds. This obligation is to remain in force for thirty years
and, at each successive maturity of one-year notes purchased by
any Federal Reserve Bank, that bank shall purchase such other
one-year notes as may be tendered to it by the Secretary of
the Treasury but not in greater amount than was originally
issued to such bank.

Under this provision there were issued "One-year Treasury Notes"
in denominations of $1,000, $10,000 and $50,000, designated as
the series of the dates both of the issue and maturity. These
notes matured one year after the date of issue, bore interest
at the rate of 3% payable quarterly on January 1st, April 1st,
July 1st and October 1st, and both the principal and interest
thereof were payable in gold coin. $27,362,000 of these notes
were issued in 1916 and 1917, but the entire amount outstand- .
ing was retired on January 1, 1919, and no new issue of these
One-year Treasury Notes has since been made.

The Thirty-year bonds — officially entitled "Three per cent Conver-
sion Bonds" — are designated as the series of the years bot^ of
issue and maturity (e. g., Series of 1916-1946). They are in
two forms: (1) Coupon bonds to bearer and (2) Registered
bonds — principal and interest — both in denominations of $100,
$1,000, $5,000 and $10,000. The coupon bonds are exchangeable
for registered bonds but the law prohibits registered bonds
from being exchanged for coupon bonds.

The Transfer Agent is the Office of the Secretary of the Treasury,
Washington. The transfer books are closed on the last day of
February, May, August and November and are reopened on
the first day of April, July, October and January.

These 3% Conversion bonds are not accepted as security for the
issue of circulating notes by National or Federal Reserve Banks.

Authorized, to an amount not exceeding $5,000,000,000, by the Act
of Congress approved April 24, 1917 (the First Liberty Bond
Act), the First Liberty Loan was offered, to the extent of
$2,000,000,000, for public subscription from May 14 to June
15, 1917. The actual subscriptions received amounted to
$3,035,226,850, of which $1,989,456,650 were allotted.

This loan was issued in two forms only: (1) Coupon bonds to
bearer, in denominations of $50, $100, $500, and $1,000; and
(2) Bonds registered as to principal and interest, in denomi-
nations of $100, $500, $1,000, $5,000, $10,000, $50,000 and
$100,000.

Coupon bonds, registered bonds and bonds of different denomina-
tions are interchangeable without charge. Registered bonds
may likewise be transferred without charge.

This issue was convertible, at par and accrued interest, into any
subsequent Government loan — other than Treasury Certificates
of Indebtedness and similar short-term obligations — issued dur-
ing the war with Germany and bearing a higher rate of in-
terest. It was, however, specifically prescribed that the ma-
turity, interest dates and terms of redemption of the new bonds
should be identical with those of the bonds to be converted into
them. Under these provisions, conversion of the First Liberty
Loan, 3Ji% bonds of 1932-1947 into the following Issues was
subsequently permitted: (1) First Liberty Loan, Converted
4% bonds of 1932-1947; (2) First Liberty Loan, Converted
4^% bonds of 1932-1947; and (3) First Liberty Loan, Second
Converted 4M% bonds of 1932-1947. All privilege of converting
the First Liberty Loan, 3%% bonds of 1932-1947 has now lapsed.

The 2%% bonds of the First Liberty Loan were not purchasable
from the Bond Purchase Fund created by an amendment to the
Second Liberty Bond Act. After July 1, 1920, they can, how-
ever, be purchased and cancelled through the operation of the
cumulative Sinking Fund created by Section 6 (a) of the Vic-
tory Liberty Loan Act of March 3, 1919.

The First Liberty Loan 3^4% bonds are not eligible as security for
the issue of circulation' notes by National Banks and Federal
Reserve Banks. On the other hand, they are "receivable as
security for deposits of public money" and for Postal Savings
deposits.

WAR

LOAN

DATED

MATURITY

RATE OF
INTEREST

INTEREST PAYABLl

SECOND LIBERTY LOAN, consist-
ing of two issues:
(1) SECOND LIBERTY LOAN,
4%, Convertible Gold Bonds of
1927-1942.

November 15,

1917

(2) Second Liberty Loan, Converted
414% bonds of 1927-1942.
Vide page 7.

THIRD LIBERTY LOAN, 4^4%
Gold Bonds of 1928.

[Page Fourl

November 15, 1942.
Redeemable, in whole
or in part, at par and
accrued interest, on
any interest date on
and after November
15, 1927, at the option
of the United States,
upon six months' no-
tice.

4%

May 9, 1918

September 15, 1928.'
"Not subject to call
for redemption before
maturity."

454%

May 15th and
November 15th

March 15th and
September 15th

LOANS (Continued)

MOUNT OUTSTANDING

Price at
Which
Issued

EXEMPTION

On February 29, 1920,
$568,419,050, out of a
total issue of
$3,807,865,000

On February 29, 1920,
$3,739,076,050, out of
a total issue of
$4,176,516,850.

Par, if
fully paid
for on or
before
Novem-
ber 15,
1917; or
par and
accrued
interest if
paid for
after that
date.

Par, if

fully paid

for on or

before

May 9,

1918; or

par and

accrued

interest,

if paid for

after that

date.

"Exempt, both as to priii-
cipul and interest from
all taxation now or here-
after imposed b.v the
United States, any State,
or any of the possessions
of the United States, or
by any local taxing au-
thority, except (a) es-
tate or inheritance taxes,
and (b) graduated addi-
tional income taxes,
commonly known as sur-
taxes, and excess profits
and war-proflts taxes,
now or hereafter im-
posed by the United
States, upon the income
or profits of individuals,
partnerships, associa-
tions, or corporations.
The interest on an
amount of such bonds
and certificates the prin-
cipal of which does not
exceed in the aggregate
$.'>,000, owned by any in-
dividual, partnership, as-
sociation, or corporation,
shall be exempt from the
taxes provided for in
sub-division (2i) of this
section." — Section 7 of
the Act of Congress ap-
proved September 24,
1917 (40 United States
Statutes at Large, 291).

For further exemptions
vide page 1 11.

"The bonds shall be ex-
empt, l)oth as to princi-
pal and interest, from
all taxation now or here-
after imposed by the
I'nited Stsites, any State,
or any of the possessions
of the ITnited States, or
by any local taxing au-
thority, except (a) es-
tate or inheritance taxes
and (b) graduated addi-
tional income taxes, com-
monly known as sur-
taxes, and excess-profits
and war-profits taxes.
now or hereafter im-
posed by the United
States, upon the income
or profits of individuals,
partnerships, associa-
tions, or corporations.
The interest on an
amount of bonds and cer-
tificates authorized by
said act approved Sep-
tember 24. 1917, or by
said act as amended by
said act anproved Anril
4. 1918, the principal of
which does not exceed
in the aggregate S-l-OflO.
owned by any ipdivnliml.
partnership, association,
or corporation, shall be
exemnt from the taxes
provided for in clause
(h) above." — Treasury
Department Circular
No. 111. dated April 6,
19T8. which offered the
Third I.ihertv Txian for
public subscription. For
additional exemptions
vide page 11.

REMARKS

The Act of Congress approved September 24, 1917, authorized the
issuance of the Second Liberty Loan to the extent of
.$7,.588,945,460, of which $3,063,945,460 were to be in lieu of
unissued bonds authorized by the First Liberty Bond Act and
$475,000,000 in lieu of unissued bonds previously authorized for
the Panama Canal, naval construction and extraordinary ex-
penditures.

The Second Liberty liOan was offered for public subscription, to the
extent of $.3,000,000,000, from October 1 to October 27, 1917.
$4,617,532,300 were actually subscribed and $3,807,865,000
allotted.

Thi^ loan was issued in two forms only: (1) Coupon bonds to
hearer, in denominations of $50, $100, $500, $1,000, $5,000 and
$10,000; and (2) Bonds registered as to principal and interest,
in denominations of $50, $100, $500, $1,000, $5,000, $10,000,
$50,000 and $100,000.

Coupon bonds, registered bonds and bonds of different denomina-
tions are interchangeable, and registered bonds are transfer-
able, all without charge.

Thi>< issue was, and still is, convertible into the Second Liberty
Loan, Converted 4M% bonds of 1927-1942 only. Such conver-
sions must be made independently of any exchange of bonds. AU
such conversions and exchanges are made on, or as of, an inter-
est date and not at other times.

Through amendment of the Second Liberty Bond Act by Section 6
of the Third Liberty Bond Act, the Second Liberty Loan. 4%
Convertible bonds of 1927-1942 could be purchased from the Bond
Purchase Fund at an average price of par and accrued interest.
Not more than one-twentieth of the bonds originally issued
could be purchased during the first year after their date of
issue, nor more than one-twentieth of the amount of bonds out-
standing at the beginning of each period of twelve months there-
after, and such purchases were to cease at "the expiration of
one year after the termination of the war."

On and after July 1, 1920, the bonds of this issue may be purchased
and retired through the operation of the cumulative Sinking
Fund already alluded to.

The Second Liberty I>oan, 4% Convertible bonds of 1927-1942 are
receivable as security for deposits of public money and for
Postal Savings deposits, but they are not eligible as security
for the issue of circulating notes by National and Federal Re-
serve Banks.

The Third Liberty Loan, authorized by the Act of Congress ap-
proved September 24, 1917, as amended by the Act of April 4,
1918 (the Third Liberty Bond Act), was offered for public sub-
scription from April 6 to May 4, 1918, to the amount of
$3,000,000,000. Subscriptions to the extent of $4,176,516,850
were actually received and allotted.

This loan is issued in two forms only: (1) Coupon bonds to bearer,
in denominations of $50, $100. $.500, $1,000, $5,000 and $10,000;
and (2) Bonds registered as to principal and interest, in denom-
inations of $50, $100, $500, $1,000, $5,000, $10,000, $50,000 and
$100,000.

Coupon bonds, registered bonds and bonds of different denomina-
tions are interchangeable, and registered bonds are transfer-
able, all without charge.

"The bonds of this issue are not entitled to any privilege of con-
version into bonds bearing a higher rate of interest."

Section 6 of the Third Liberty Bond Act, by amendment to the
Second Liberty Bond Act, created a Bond Purchase Fund from
which, until one year after the termination of war, the Third
Liberty Loan bonds could be purchased to the extent of one-
twentieth of the amount outstanding under the same conditions
and restrictions as the Second Liberty Loan.

On and after July 1. 1920, the bonds of the Third liberty Loan
may be purchased and cancelled through the operation of the
cumulative Sinking Fund already described.

Bonds of this Issue "which have been owned by any person con-
tinuously for at least six months prior to the date of his death,
and which upon such date constitute part of his estate, shall,
* * *, be receivable by the United States at par and accrued
interest in pa.vment of any estate or inheritance taxes imposed
by the United States, under or by virtue of any present or
future law upon such estate or the inheritance thereof."

They are, moreover, receivable as security for deposits of public
money and for Postal Savings deposits, but are not eligible as
security for the issue of circulating notes.

WAR

LOAN

DATED

MATURITY

RATE OF
INTEREST

INTEREST PAYABL

FOURTH LIBERTY LOAN, 4^%
Gold Bonds of 1933-1938.

October 24, 1918

VICTORY LIBERTY LOAN, in two
scncs *

(1) VICTORY LIBERTY LOAN,

4^% Convertible Gold Notes of
1922-1923, and

(2) VICTORY LIBERTY LOAN,
334% Convertible Gold Notes of
1922-1923.

[Page Five]

October 15, 1938. Re-
deemable, in whole or
in part, at par and ac-
crued interest, on any
interest date on or
after October 15,
1933, "at the pleasure
of the United States,"
upon six months' no-
tice.

A%%

May 20, 1919
May 20, 1919

April 15th and
October 15th

May 20, 1923

May 20, 1923.

Both series of
notes are redeem-
able, in whole or
in part, at par and ac-
crued interest, on
June 15, 1922, or on
December 15, 1922, at
the option of the
United States, upon
four months' notice,

43/4%

June 15th and
December 15th

June 15th and
December 15th.
The final pay-
ment of the lin-
terest of both
series will be
made on May
20, 1923

LOANS (Continued)

AMOUNT OUTSTANDING

Price at
Which
Issued

On February 29, 1920,
$6,534,880,200, out of
a total issue of
$6,992,927,100.

Par, if
fully paid
for on or
before
October
24, 1918;
or par
and ac-
crued
interest,
if paid
for after
that date.

On February 29, 1920,
$4,459,014,266, out of
a total issue of
$4,497,830,850.

Par

Par

EXEMPTION

REMARKS

"The bonds shall be ex-
empt, both as to princi-
pal and interest, from
all taxation now or here-
after imposed by the
United States, any State,
or any of the possessions
of the United States, or
by any local taxing au-
thority, except (a) es-
tate or inheritance taxes,
and (b) graduated addi-
tional income taxes,
commonly known as sur-
taxes, and excess profits
and war-proflts taxes,
now or hereafter im-
posed by the United
States, upon the income
or profits of individuals,
partnerships, associa-
tionsi or corporations.
The interest on an
amount of bonds and
certificates authorized
by said Act approved
September 24, 1917, and
amendments thereto, the
principal of which does
not exceed in the aggre-
gate $5,000, owned by
any individual, partner-
ship, association, or cor-
poration, shall be exempt
from the taxes provided
for in clause (b) above."
— Treasury Department
Circular No. 121, dated
September 28, 1918,
whereby the Fourth Lib-
erty Loan was offered
for public subscription.

For additional exemptions,
including those during
the two years following
the termination of war
with Germany, vide
page 11.

4%% NOTES
"Exempt, both as to princi-
pal and interest, from
all taxation now or here-
after imposed by the
United States, any State,
or any of the possessions
of the United States, or
by any local taxing au-
thority, except (a) es-
tate or inheritance taxes,
and (b) graduated ad-
ditional income taxes,
commonly Unown as sur-
taxes, and excess-profits
and war-proflts taxes,
now or hereafter im-
posed by the United
States, u|H>n the income
or profits of individuals,
partnerships, associa-
tions, or corporations."
3%% NOTES
"Exempt, both as to prin-
cipal and interest, from
all taxation (except es-
tate or inheritance
taxes) now or hereafter
imposed by the United
States, any State, or any
of the possessions of the
United States, or by any
local taxing authority."
— Treasury Department
Circular No. 138, dated
April 21, 1919, which of- 1
fered the Victory Lib-
erty Loan for public sub-
scription and which fixed
for each series of notes
the exemptions of which
several alternatives were
suggested in the Victory
Liberty Ix>an Act, viz.:
Act of Congress approved
March 3, 1919 (40 United
States Statutes at Large

1 ntKiW

The Fourth Liberty Loan, authorized by the Act of Congress ap-
proved September 24, 1917, as amended by the Acts of April
4, 1918, and July 9, 1918 (the Third and Fourth Liberty Bond
Acts), and supplemented by the Act of September 24, 1918 (Sup-
plement to Second Liberty Bond Act), was off'ered for public
subscription from September 28 to October 19, 1918, to the
extent of $6,000,000,000. The total subscriptions amounted to
$6,992,927,100, all of which was allotted.

This issue is in two forms only: (1) Coupon bonds to bearer, in
denominations of $.50, $100, $500, $1,000, $5,000 and $10,000;
and (2) Bonds registered as to principal and interest, in de-
nominations of $50, $100, $500, $1,000, $5,000, $10,000, $50,000
and $100,000.

Coupon bonds, registered bonds and bonds of different denomina-
tions are interchangeable, and registered bonds are transferable,
all without charge.

The bonds of the Fourth Liberty Loan were not granted any privi-
lege of conversion into future Government issues bearing a
higher rate of interest.

These securities could be bought from the Bond Fund at the same
prices and under the same conditions as the Second and Third
Liberty Loan. On and after July 1, 1920, the bonds of the
Fourth Liberty Loan may be purchased and cancelled through
the operation of the cumulative Sinking Fund.

In respect to receivability for the payment of estate or inheritance
taxes imposed by the United States, and as security for deposits
of public money and for Postal Savings deposits, as well as the
fact that they do not bear any circulation privilege, the Fourth
Liberty Loan Bonds are identical with those of the Second
and Third Liberty Loans.

The Victory Liberty Loan, authorized by the Act of Congress ap-
proved September 24, 1917, as amended and supplemented by
the Acts of April 4, July 9 and September 24, 1918, and
March 3, 1919 (Victory Loan Act), was offered for public sub-
scription from April 21 to May 10, 1919, to the amount of
$4,500,000,000. It was oversubscribed, the total being
$5,249,908,300, and $4,497,830,850 of notes were allotted.
Both series are in two forms: (1) Coupon notes to bearer, in de-
nominations of $50, $100, $500, $1,000, $5,000 and $10,000; and
(2) Notes registered as to principal, and as to the interest
payable after December 15, 1919, in denominations of $50, $100,
$500, $1,000, $5,000, $10,000, $.50,000 and $100,000. These regis-
tered notes had a single coupon attached covering the interest
payable on December 15, 1919.
Coupon notes, registered notes and notes of different denominations
are interchangeable, and registered notes are transferable, all
without charge.
The 4947o and the 394% Victory Liberty Notes are inter-convertible, '
such "privilege of conversion extending to notes issued upon
conversion as well as notes issued upon original subscription."
They are not, however, convertible into any subsequent Gov-
ernment loan.
Until one year after the termination of the war with Germany,
both issues of notes could be bought from the Bond Purchase
Fluid at the same prices and under the same conditions as the
bonds of the Second, Third and Fourth Liberty Loans. On
and after July 1, 1920, they may be retired through the oper
ation of the cumulative Sinking Fund created by Section 6
(a) of the Victory Liberty Loan Act.
Both series of notes are receivable as security for the deposit of
public money and for Postal Savings deposits, but neither series
bears the circulation privilege.

CONVERSIONS OF

LOAN

DATED

MATURITY

RATE OF
INTEREST

4

INTEREST PAYABL

(1) FIRST LIBERTY LOAN, CON-
VERTED 4% GOLD BONDS OF
1932-1947.

November 15,

1917

(2) FIRST LIBERTY LOAN, CON-
VERTED 4^% GOLD BONDS
OF 1932-1947.

June 15, 1947. Redeem-
able, in whole or in
part, at par and ac-
crued interest, on any
interest date on or
after June 15, 1932,
upon three months'
published notice.

4%

May 9, 1918

June 15th and
December 15th I

June 15, 1947. Redeem
able, in whole or in
part, at par and ac-
crued interest, on any
interest date on or
after June 15, 1932,
upon three months'
published notice.

beginning on
June 15, 1918

June 15th and
December IStn

[Page Six]

,3ERTY LOANS

)UNT OUTSTANDING

Price at
Which
Issued

February 29, 1920,
1138,757,100, out of a
lotal issue of
1.568,318,450

Par

and
accrued
interest

February 29, 1920,
[408,981,450, out of a
lotal issue of
1426,278,900

Par

and
accrued
interest

EXEMPTION

The exemption of these
converted bonds, both as
to principal and interest,
is identical with that of
the Second Liberty Loan,
4% Convertible bonds of
1927-1942.

This exemption is fully
set forth in Treasury
Department Circular No
93, dated October 19,
1917, which announced
the conditions governing
the initial conversion of
the 3J4% Gold Bonds of
the First Liberty Loan.
Specific reference to this
circular is made on the
face of each First Lib-
erty Loan, Converted
4% bond of 19321947.

The exemption of this is-
sue, both as to principal
and interest, is identical
with that of the Third
Liberty Loan, i%%
bonds of 1928.

This exemption is fully set
forth in Treasury De-
partment Circular No.
114, dated May 9, 1918,
which annoimced the
conditions governing the
conversion of the 3%%
Gold Bonds of 1932-1947
of the First Liberty
Loan, the converted 4%
Gold Bonds of 1932-1947
of the First Liberty
Loan, and the 4% Con-
vertible Gold Bonds of
1927-1942 of the Second
Liberty Loan.

Specific reference to Sub-
division X of that cir-
cular— in which a full
description is given of
this issue — is made on
the face of each Firsf
Liberty Loan, Converted
4M% Gold Bond of
1932-1947.

REMARKS

The Converted, 4%, 1932-1947, bonds of the First Liberty Loan,
authorized by the Acts of Congress approved April 24, 1917,
and September 24, 1917, consist of the First Liberty Loan,
3%% bonds of 1932-1947 converted into the rate of interest of
the Second Liberty Loan.

They were issued in two forms: (1) Coupon bonds to bearer, in
denominations of $50, $100, $500, $1,000, $5,000 and $10,000;
and (2) Bonds registered as to principal and interest, in de-
nominations of $50, $100, $500, $1,000, $5,000, $10,000, $50,000
and $100,000.

Coupon bonds, registered bonds and bonds of dilTerent denomina-
tions are interchangeable without charge. Registered bonds are
likewise transferable without charge.

This issue is convertible into the First Liberty Loan, 4M% bonds of
1932-1947, until otherwise prescribed by the Secretary of the
Treasury. Such conversion, as well as all exchanges of coupon
bonds for registered bonds and vice versa, will, after June 30,
1919, be made on, or as of, an interest date only. Moreover,
exchanges must be made independently of conversions and by
a separate operation.

The Converted, 4% bonds of 1932-1947 of the First Liberty Loan are
receivable as security for deposits of public money and for
Postal Savings Deposits, but are not eligible for security for
the issue of circulating notes.

These converted bonds could be bought from the Bond Purchase
Fund or may be retired through the operation of the cumulative
Sinking Fund in the same manner as prescribed lor the Second
Liberty Loan, 4% Convertible bonds of 1927-1942.

This issue, authorized by the Acts of Congress approved April 24,
1917, and September 24, 1917, as amended by the Act of Con-
gress approved April 4, 1918, consists of the First Liberty
Loan, i%% bonds of 1932-1947 and, upon conversion, of the
First Liberty Loan, Converted 4% bonds of 1932-1947 converted
into the rate of interest of the Third Liberty Loan as author-
ized by the Acts of Congress approved September 24, 1917, and
April 4, 1918, creating the Third Liberty Loan.

This issue is in two forms only: (1) Coupon bonds to bearer, in
denominations of $50, $100, $500, $1,000, $5,000 and $10,000;
and (2) Bonds registered as to principal and interest, in de-
nominations of $50, $100, $500, $1,000. $5,000, $10,000, $50,000
and $100,000.

Coupon bonds, registered bonds and bonds of different denomina-
tions are interchangeable, and registered bonds are transferable,
all without charge.

"The bonds of this issue are not entitled to any privilege of con-
version into bonds bearing a higher rate of interest."

These First Liberty Loan, Converted 4M% bonds of 1932-1947 could
be bought from the Bond Purchase Fund or, after July 1, 1920,
may be retired by the operation of the cumulative Sinking Fund
In the same manner and under the same conditions as the Third
Liberty Loan.

Ill respect to their receivability for the payment of United States
estate or inheritance taxes and as security for deposits of
public money and for Postal Savings deposits, as well as their
non-eligibility as security for the issue of circulating notes by
National and Federal Reserve Banks, these converted bonds are
identical with those of the Third Liberty Loan.

CONVERSIONS OF

LOAN

DATED

MATURITY

RATE OF
INTEREST

INTEREST PAYABl

(3) FIRST LIBERTY LOAN,
SECOND CONVERTED 4^4%
GOLD BONDS OF 1932-1947.

(4) SECOND LIBERTY LOAN,
CONVERTED 4%% GOLD
BONDS OF 1927-1942.

October 24, 1918

May 9, 1918

[Page Seven]

June 15, 1947. Redeem-
able, in whole or
in part, at par and ac-
crued interest, on and
after June 15, 1932,
upon three months'
published notice.

November 15, 1942. Re-
deemable, in whole or
in part, at par and ac-
crued interest, on any
interest date on or
after November 15,
1927, at the option of
the United States,
upon six months' no-
tice.

4J4%
beginning
on Decem-
ber 15, 1918

454%
beginning on
May 15, 1918

June 15th and
December 15tl:

May 15th and
November 15t

i

I

LIBERTY LOANS (Continued)

AMOUNT OUTSTANDING

Price at
Which
Issued

EXEMPTION

REMARKS

On February 29, 1920,
$3,492,150, which was
the total amount
issued

Par

and
accrued
interest

On February 29, 1920,
$2,836,887,600, out of
a total issue of
$3,170,395,350.

Par

and
accrued
interest

¥

The exemption of this is-
sue, both as to principal
and interest, is identical
with that of the Fourth
Liberty Loan, 4H%
bonds of 1933-1938.

This exemption is fully se(
forth in Treasury I>e-
partment Circular No.
123. dated October 24,
1918, which announced
the conditions governing
the conversion of First
Liberty Loan, 3^6%
bonds of 1932-1947 into
the present issue.

Specific reference to Snb-
division VII of that cir-
cular— in which a de-
tailed description of this
issue is given — is madf
on the face of each First
Liberty Loan, Second
Converted 4M% gold
bond of 1932-1947.

The exemption of these
converted bonds, both a^
to principal and interest,
is identical with that of
the Third Liberty Loan,
4M% bonds of 1928.

This exemption is set forth
in detail in Treasury De-
partment Circular No.
114, dated May 9, 1918,
which annoimced the
conditions governing the
conversion into the pres-
ent issue of the 4%
Convertible Gold Bonds
of 1927-1942 of the Sec-
ond Liberty Loan, a,f
well as certain bonds of
the First Liberty Loan.

Specific reference to Sub
division XI of that cir
cular — wherein a full de-
scription of this issue is
given — is made on the
face of all Second Lib-
erty Loan, Converted
4M% gold bonds of
1927-1942.

This issue, authorized by the Acts of Congress approved April 24,
1917, and September 24, 1917, as amended by the Acts of Con-
gress approved April 4, 1918, and July 9, 1918, consists of the
First Liberty Loan, 3^6% bonds of 1932-1947 converted into the
rate of interest of the Fourth Liberty Loan.

The securities are in two forms only: (1) Coupon bonds to bearer,
in denominations of $50, $100, $500, $1,000, $5,000 and $10,000;
and (2) Bonds registered as to principal and interest, in de-
nominations of $50, $100, $500, $1,000, $5,000, $10,000, $50,000
and $100,000.

The coupon bonds, registered bonds and bonds of different denom-
inations are interchangeable, and registered bonds are trans-
ferable, all without charge.

"The bonds of this issue are not entitled to any privilege of con-
version into bonds bearing a higher rate of interest."

These First Liberty Loan, Second Converted, 4M% bonds of 1932-
1947 could be bought from the Bond Purchase Fund or, after
July 1, 1920, retired b.v the operation of the cumulative Sinking
Fund in the same manner and under the same conditions as the
bonds of the Fourth Liberty Loan.

In respect to their receivability for the payment of United States
estate or inheritance taxes and as security for the deposit of
public money and for Postal Savings deposits, as well as their
non-eligibility as security for the issue of circulating notes by
National and Federal Reserve Banks, this issue is identical with
the Fourth Liberty Loan, 4M% bonds of 1933-1938.

This issue, authorized by the Act of Congress approved September
24, 1917, as amended by the Act of Congress approved April 4,
19l8, consists of the Second Liberty Loan, 4% Convertible Gold
Bonds of 1927-1942 converted into the rate of interest of the
Third Liberty Loan.

The securities are in two forms only: (1) Coupon bonds to bearer,
in denominations of $50, $100, $500, $1,000, $5,000 and $10,000;
and (2) Bonds registered as to principal and interest, in de-
nominations of $50, $100, $500, $1,000, $5,000, $10,000, $50,000
and $100,000.

Coupon bonds, registered bonds and bonds of different denomina-
tions are interchangeable, and registered bonds are transfer-
able, all without charge.

"The bonds of this issue are not entitled to any privilege of con-
version into bonds bearing a higher rate of interest."

These Second Liberty Loan, Converted 4M% bonds of 1927-1942
could be bought from the Bond Purchase Fund or, after July 1,
1920, may be retired by the operation of the cumulative Sinking
Fund in the same manner and under the same conditions as the
Third Liberty Loan.

Insofar as concerns their receivability for the payment of United
States estate or inheritance taxes and as security for deposits of
public money and for Postal Savings deposits, as well as their
non-eligibility as security for the issue of circulating notes
by National and Federal Reserve Banks, this issue is identical
with the Third Liberty Loan.

I

CERTIFICATES OF

LOAN

DATED

MATURITY

INTEREST PAYABI

TREASURY CERTIFICATES OF

INDEBTEDNESS, in ten series:

(1) SERIES T 10

(2) SERIES T D-1920

(3) SERIES T M-1921

(4) SERIES G 1920

(5) SERIES H 1920

(6) SERIES A 1921

(7) SERIES T J-1921

(8) SERIES B 1921

(9) SERIES T M 2-1921

September 15,

1919
January 2, 1920

March 15, 1920

April 15, 1920
May 17, 1920
June 15, 1920
June 15, 1920

July 15, 1920
July 15, 1920

September 15, 1920

December 15, 1920

March 15, 1921

October 15, 1920
November 15, 1920
January 3, 1921
June 15, 1921

January 15, 1921
March 15, 1921

454%

43/^%

^%%

5/2%

53/4%

6%

53.4%
53/i%

March 15th and

September 15tl
June 15th and

December 15tl'
March 15th and

September 15tl
At maturity
At maturity
At maturity
June 15th and

December 15tl
At maturity
At maturity

Tax Certificates ("denoted by the letter T, the seco

letter indicating the month of maturity)

Loan Certificates

Special Issues

(10) SERIES C 1921

August 16, 1920

Total
August 16, 1921

Certificates of Indebtedness issued
under the PITTMAN ACT.

Various dates
beginning on
August 20,
1918

One year after date of
issue

6%

2%

[Page Eight]

February 16th an
August 16th

January 1st and
July 1st

f

INDEBTEDNESS

iMOUNT OUTSTANDING

Price at
Which
Issued

EXEMPTION

REMARKS

mount issued:

Par

$657,469,000

and

accrued

$703,026,00a

interest

for all

$201,370,500

Certifi-

$170,633,500

cates of

$102,865,000

Indebted-

$176,604,000

ness.

$242,517,000

$126,783,500

«

$ 74,278,000

otal $2,455,546,500

»

pproximate amount

outstanding on

July 31, 1920:

$1,866,660,500

566,886,000

20,000,000

$2,453,546,500

mount of issue not yet
determined, but about
$150,000,000.

n July 31, 1920,
$259,375,000, which
was the total amount
issued.

Par

and
accrued
interest

All these Certificates of
Indebtedness "shall be
exempt, both as to prin-
cipal and interest from
all taxation now or here-
after imposed by the
United States, any State,
or any of the posses-
sions of the United
States, or by any local
taxing authority, except
(a) estate or inheritance
taxes, and (b) gradu-
ated additional income
taxes, commonly known
as surtaxes, and excess
profits and war-profits
taxes, now or hereafter
imposed by the United
States, upon the income
or profits of individuals,
partnerships, associa-
tions, or corporations.
The interest on an
amount of such bonds
and ^ certificates the
principal of which does
not exceed in the aggre-
gate $5,000, owned by
any individual, partner-
ship, association, or cor-
poration, shall be exempt
from the taxes provided
for in subdivision (b) of
this section." — Section 7
of the Act of Congress
approved September 24,
1917 (40 United States
Statutes at Large, 291).

The same as the preceding
Certificates of Indebted-

ness.

Section 5 of the Act of Congress approved September 24, 1917

the Second Liberty Bond Act — empowered the Secretary of the
Treasury to borrow from time to time, on the credit of the
United States, in order to meet public expenditures authorized
by law, such sums as he deems necessary and to issue therefor,
at not less than par, Certificates of Indebtedness payable not
later than one year from the date of issue. The forms, con-
ditions, rates of interest and redemption features were to be
determined by him, but a limitation of $4,000,000,000 was placed
upon the amount of Certificates of Indebtedness which he was
authorized to issue under the First and Second Liberty Bond
Acts. Sectioa 4 of the Act of Congress approved April 4, 1918
(the Third Liberty Bond Act) — increased that amount to
$8,000,000,000, and Section 3 of the Act of Congress approved
March 3, 1919 — the Victory Liberty Loan Act— further increased
that amount to $10,000,000,000.
Under authority conferred by the above-mentioned Act of Septem-
ber 24, 1917, as amended, a number of series of Certificates of
Indebtedness have been issued — principally through Federal Re-
serve Banks. Certain series have already matured; those hero
enumerated are still outstanding.
These Certificates of Indebtedness are issued in two forms: (1)
Certificates with coupons attached; and (2) Certificates withou
coupons, in which case the interest is paid at the date of ma
turity of the certificate. Both forms are issued in denomina
tions of $500, $1,000, $5,000, $10,000 and $100,000.
The following series have coupons attached, viz.:

T-10, two coupons, one payable March 15, 1920, the other Sep
tember 15, 1920. T D-1920, two coupons, one due June

15, 1920, the other, December 15, 1920. T M-1921, two

coupons, one payable September 15, 1920, the other, March
15, 1921. T J-1921, two coupons, one due December 15,

1920, the other, June 15, 1921. T M 2-1921, one coupon

payable March 15, 1921. G 1921, two coupons, one due

February 16, 1921, the other August 16, 1921.
There are no coupons attached to these series:

F 1920, G 1920, H 1920, A 1921 and B 1921.
The following series are receivable, at par and accrued interest, in
payment of Income and Profits taxes : T-10, T D-1920, T M-1921,
T J-1921 and T M 2-1921. None of the other series are thu.s
receivable.
None of the Certificates of Indebtedness enumerated in this list
bear the circulation privilege.

Authorized by the Act of Congress approved September 24, 1917
(the Second Liberty Bond Act), as amended by the Act of
April 4, 1918, and by the Act of Congress approved April 23,
1918 (the Pittman Act), these Certificates of Indebtedness were
issued as security for the bank notes emitted by the Federal
Reserve Banks in substitution for the silver dollars melted or
broken up and sold as bullion under authority of the Pittman
Act, the purpose being to prevent a contraction of the currency
in circulation.
During the period of slightly niore than 18 months following the
approval of the Pittman Act and terminating on October 31,
1919, $260,121,554 standard silver dollars were melted,
$256,944,000 silver certificates were withdrawn from circula-
tion and cancelled, and $257,899,845 bank notes were issued by
Federal Reserve Banks, of which $256,243,845 were outstanding
on October 31. 1919.
The bank notes of the Federal Reserve Banks thus issued were
secured by the following:

4% Loan of 1925 $ 1,768,000

2% Consols of 1930 4,523,100

Panama Canal Loan, Series of 1916-1936 130,300

Panama Canal Loan, Series of 1918-1938 258,000

Special Certificates of Indebtedness, 2% 255,475,000

Total $262,154,400

The operation of the Pittman Act, coupled with the removal on
May 6, 1919, of all restrictions against the export of silver,
resulted in freeing the silver market from the control of war
measures and, by permitting the shipment of silver to other
countries, has contributed to stabilize the price and encourage
the production of silver, to permit the use of that metal in
settlement of trade balances adverse to the United States and
to provide silver both for commercial use and subsidiary coin-
age, since the Pittman Act prescribed that, for every silver
dollar sold as bullion, 'silver equal to 371.25 grains of pure
silver should be purchased at the fixed price of $1.00 per ounce
and that all such silver in excess of the amount re-sold should
be coined into standard silver dollars.

These special Certificates of Indebtedness are registered in the name
of the Federal Reserve Bank to which they are issued and are
in such denominations as are required in each case. Since
they are issued for a specific purpose, they are not receivable
for the payment of any taxes nor do they bear the cL^.^datioi]
privilege.

OTHEP

LOAN

DATED

MATURITY

RATE OF
INTEREST

INTEREST PAYABI

in

WAR-SAVINGS SECURITIES

two categories:
WAR-SAVINGS CERTIFICATES in

three series:

(a) Series of 1918,

(b) Series of 1919,

(c) Series of 1920.

Undated

(2) TREASURY SAVINGS
TIFICATES in two serifes:

(a) Series of 1919,

(b) Series of 1920.

CER-

Undated

Five years after January
1st of the year during
which they are issued.

[Page Nine]

Five years after January
1st of the year during
which they are issued.

4% com-
pounded
quarterly
for the aver-
age period
to maturity
of the certifi-
cates issued
during the
year

At maturity

At maturity-

«

ISSUES

AMOUNT OUTSTANDING

Price at
Which
Issued

EXEMPTION

REMARKS

Dn

February 29, 1920,
Series of 1918:
$743,502,199.62.
Series of 1919 and
1920:
$132,941,030.17.

Total,
$876,443,229.79

Various "War Savings Certifi-
prices cates shall be ex-

depend- empt, both as to
ing upon principal and inter-
the est from aU taxa-

month tion now or here-

when after imposed by

issued the United States,

any State, or any
of the posses-
sions of the United
States, or by any
local taxing au-
thority, except (a)
estate or inherit-
ance taxes, and (b)
graduated addi-
tional income taxes,
commonly known
as surtaxes, and ex-
cess profits and
war-profits taxes,
now or hereafter
imposed by the
United States, upon
the income or prof-
its of individuals,
partnerships, asso-
ciations, or corpo-
rations. The inter-
est on an amount of
bonds and certifi-
cates, authorized by
said act of Septem-
ber 24, 1917, the
principal of which
does not exceed in
the aggregate

$5,000, owned by
any individual, part-
nership, association,
or corporation, shall
be exempt from the
taxes provided for
in clause (b)
above." — Treasury
Department Circu-
lar No. 94 (War-
Savings Circular
No. 1), dated No-
vember 15, 1917.
The exemption of the
Treasury Savings
Certificates is iden-
tical with that of
the War-Savings
Certificates except
that, after the
phrase "said act ap- j
proved September
24, 1917," the
words "and amend-
ments thereto," are
inserted. — Treasury
Department Circu-
lar No. 143, dated
July 1, 1919.

United States War-Savings Certificates were originally authorized
to the extent of $2,000,000,000 maturity value by the Act of
Congress approved September 24, 1917 (the Second Liberty
Bond Act), which limited to $100 the amount of such certifi-
cates that could be sold at any given time to any one person
and to $1,000 the amount which could be lawfully held by any
single individual.
This act was subsequently amended by the Act of September 24,
1918 (Supplement to Second Liberty Bond Act), which increased
the amount authorized to be issued to $4,000,()00,000 and substi-
tuted for the previous limitation a provision forbidding any
single person from holding at any one time "war savings cer-
tificates of any one series to an aggregate amount exceeding
$1,000."
These War-Savings Certificates were first offered for sale by the
Secretary of the Treasury on November 15, 1917. When one
or more War-Savings Certificate stamps of the same series as
the certificates themselves have been affixed, the certificates
constitute an obligation of the United States. Each certificate
contains spaces for 16 War-Savings Certificate stamps and each '
stamp, upon being affixed, will have a value of $5 upon mar
turity of the certificate. These War-Savings Certificate stamps
may be purchased at any post office or other designated agency
at prices ranging from $4.12 for January to $4.23 for December
of the year' of issue, depending upon the month when the stamps
are bought. These prices increase one cent in each successive
month during the year of issue and are based upon such a sum
as will, together with interest at 4% compounded quarterly for
the average period to maturity, amount to $5 at the date of
maturity of the certificate itself.
War Thrift cards with 16 Thrift Stamps of 25 cents each affixed may
be exchanged at the same agencies for one War-Savings Certifi-
cate stamp upon payment of the dilTerent between $4 and thu
current price of issue of the latter stamps during that month.
In every instance "the name of the owner of each War-Savings
Certificate must be written upon such certificate at the time
of the issue thereof."
These certificates may be registered without charge at any post
office of the first, second or third class under such regulations
as are prescribed by the Postmaster General. Certificates thus
registered will be paid at maturity only at the post office where
registered. Unless registered, the United States will be exempt
from liability for payment of any certificate made to an indi-
vidual other than the rightful owner.
On January 1st of the fifth year after the year of issue, holders of
War-Savings Certificates are entitled to be reimbursed by the
Treasury Department or by any money order post office at the
rate of $5 for each War-Savings stamp affixed to the certifi-
cate then surrendered.
These certificates may be redeemed prior to their maturity, at the
option of the holder, at prices for each War-Savings stamp
affixed ranging from $4.12 for the month of January of the year
of issue to $4.71 for the December immediately preceding the
date of maturity.
"War-Savings Certificates are not transferable and will be payable
only to the respective owners named thereon, except in the
case of the death or disability of such owner." Moreover, they
"will not be receivable as security for deposits of public money
and will not bear the circulation privilege."
So great was the demand for War-Savings Securities in single de-
nominations larger than $5 that the Treasury, acting under
authority of the Act of Congress approved September 24, 1917,
as amended, announced on July 1, 1919 (Treasury Department
Circular No. 143) the issue of War-Savings Certificates in two
additional denominations of $100 and $1,0(M) maturity value, to
be known as "Treasury Savings Certificates." This issue is
the counterpart of the War-Savings Certificates and forms a
portion of the series of the former, having "corresponding
terms as to increasing sales and redemption value each month
and the same period of maturity." All Treasury Savings Cer-
tificates are registered, the records are kept at the Treasury
instead of in post offices and redemption is made by the Treas-
ury alone. "Like other war-savings certificates, these certifi-
cates may be redeemed prior to maturity, but they differ in that
they cannot be redeemed before the second calendar month fol-
lowing the month in which they were purchased."
Comprehensive accounts of War-Savings and Treasury Savings Cer-
tificates will be found in the Reports of the Secretary of the
Treasury for the fiscal years ended June 30, 1918, and 1919,
and full particulars are given in the following Treasury De-
partment Circulars, Loans and Currency: Nos. 94, 95, 96, 101,
108, 126, 128, 1.30. 131, 143, 149, 169, 170, 171, 172. 173, 178,
181 and Supplement to Department Circular No. 172 of De-
cember 10, 1919.
The proceeds derived from the sale, and the retirements, of War-
Savings securities of both issues are approximately as follows:

Receipts Redemption

1917 $ 10,236,000 None

1918 961,677,000 $ 18,086.000

1919 160,306,000 217,011,000

1920 (to March 12th) . 17,219,000 38,990,000

Total $1,149,138,000 $274,087,000

OTHEB

LOAN

DATED

MATURITY

RATE OF
INTEREST

1

INTEREST PAYAI

POSTAL SAVINGS BONDS in

nineteen series:

First Series v

July 1, 1911

July 1, 1931

2/2%

"

Second Series

January 1, 1912

January 1, 1932

2K%

,

Third Series

July 1, 1912

July 1, 1932

2/2%

Fourth Series

January 1, 1913

January 1, 1933

2/2%

Fifth Series

July 1, 1913

July 1, 1933

2/2%

Sixth Series

January 1, 1914

January 1, 1934

2^2%

Seventh Series

July 1, 1914

July 1, 1934

25^%

Eighth Series

January 1, 1915

January 1, 1935

2/2%

Ninth Series
Tenth Series

July 1, 1915
January 1, 1916

July 1, 1935
January 1, 1936

2/2%
2^/4%

January 1st an
July 1st

Eleventh Series

July 1, 1916

July 1, 1936

- 2/2%

Twelfth Series

January 1, 1917

January 1, 1937

2y2%

Thirteenth Series

July 1, 1917

July 1, 1937

2/2%

Fourteenth Series

January 1, 1918

January 1, 1938

2/2%

Fifteenth Series

July 1, 1918

July 1, 1938

2/2%

Sixteenth Series

January 1, 1919

January 1, 1939

2/2%

Seventeenth Series

July 1, 1919

July 1, 1939

2K%

, Eighteenth Series

January 1, 1920

January 1, 1940

21^ %

Nineteenth Series

July 1, 1920

July 1, 1940

Redeemable at par, at
the pleasure of the
United States, after
one year from the
date of issue.

2/2%

SOLDIERS AND SAILORS' CIVIL

July 1, 1918

July 1, 1928. Redeem-

3/2%

January 1st and

RELIEF BONDS.

able, at the pleasure of
the United States, in

from the date
of issue if

July 1st

■ ,

whole or in part, on
any semi-annual in-

made on an
interest date,

1

"

terest date or dates
one year or more after
the termination of the
war with Germany,
upon three months'

or, if issued

at any other

time, from

the interest

date next pre-

•

notice.

ceding the

-

date of issue.

,

i

*

[Page Ten]

1

\

ISSUES (Continued)

AMOUNT OUTSTANDING

Price at
Which
Issued

EXEMPTION

REMARKS

On August 17, 1920,

$

41,900

417,380

854,860

1,074,980

1,116,880

1,129,820

872,240

933,540

865,500

938,000

906,700

887,960

718,800

302,140

198,180

91,080

103,140

86,260

72,800

Total:

$11,612,160

Par
for all

series of
Postal

Savings
bonds.

On July 1, 1920
$194,800, out
a total issue of
$195,400.

of

Par

"The bonds herein
authorized shall be
exempt from all
taxes or duties of
the United States
as well as from tax-
ation in any form
by or under State,
municipal, or local
authority." — Act ot
Congress approved
June 25, 1910 (36
United States Stat-
utes at Large,
817).

'Exempt from taxa-
tion by or under
State or municipal
or local authority."
— Treasury De-
partment Circular
No. 115, Division
of Loans and Cur-
rency, dated July 1,
1918, virhich an-
nounced the issue
of these bonds.

Authorized by Section 10 of the Act of Congress approved June 25,
1910, which established the Postal Savings depositories. Postal
Savings bonds were first issued on July 1, 1911. This Act was
subsequently amended or supplemented by the Acts of Con-
gress approved August 24, 1912, September 23, 1914, and May
18, 1916, which further extended the Postal Savings system.

Under the Postal Savings System depositors may convert their
deposits, together with accrued interest, on or as of January
1st or July 1st of any year, into Postal Savings bonds, which
are issued by the Secretary of the Treasury and delivered within
a month or more after January 1st or July 1st directly to the
applicants who must be depositors. "They may, however, be
sold or assigned to any person."

Postal Savings bonds are issued in two forms: (I) Coupon bonds
to bearer, and (2) Registered bonds — principal and interest —
both in denominations of .$20, $100 and $500 only, notwith-
standing that the .Act of June 25. 1910, authorized the issuance
of bonds in denominations of $20, $40, $60, $80, $100 and $500.

Coupon bonds may be exchanged for registered bonds without
charge, but registered bonds cannot be exchanged for coupon
bonds.

Postal Savings bond are issued on^ or as of, January 1st and July 1st
of each year and are "redeemable at the pleasure of the United
States after one year from the date of their issue" at par.
These bonds possess an extraordinary feature in that any holder
who desires to dispose of them may make application to the
Board of Trustees of the Postal Savings System, Washington,
which will purchase from him all such bonds at par, but not
with accrued interest.

These bonds are receivable as security for Postal Savings deposits,
but not for deposits of public money or for the issue of circu-
lating notes by National or Federal Reserve banks.

The Secretary of the Treasury is the Transfer Agent and the trans-
fer books are closed from June 1st to June 30th and from
December 1st to December 31st of each year.

These bonds were authorized by Article IV of the Act of Congress
approved March 8, 1918, which was officially designated as "the
Soldiers and Sailors' Civil Relief Act." This article "provides
that the Government will protect payments of insurance pre-
miums in commercial companies on certain policies on the lives
of men in the military and naval services to the extent of $5,000
insurance on any one life. The law stipulates that premiums
due life insurance companies in such instances shall be certi-
fied by the Bureau of War Risk Insurance to the Secretary
of the Treasury, and directs that, to secure the payment of such
premiums, bonds of the United States shall be issued by the
Secretary and registered in the names of the respective
insurers."

These bonds are issued in registered form only, in denominations
of $100, $.500 and $1,000, this registration being made in the
manner prescribed by the aforesaid Article IV. Bonds thus
registered will be delivered to the proper officer of each insurer
upon the monthly difference reports certified to the Secretary
of the Treasury by the Bureau of War Risk Insurance and
to the amount of that multiple of $100 nearest the monthly dif-
ference thus certified in the case of the insurer, but not for less
than $50. Other conditions attached to this issue are fully
covered in Treasury Department Circular No. 115.

These Soldiers and Sailors' Civil Relief bonds are subject to the
Federal Income Tax. They are not receivable as security for
deposits of public money or Postal Savings deposits and do
not bear the circulation privilege.

EXPLANATORY NOTES

(A) CONCERNING UNITED STATES GOVERNMENT

BONDS

1. The principal and interest of all United States bonds are
both payable in United States gold coin of the same stan-
dard of weight and fineness as that prevailing at the date
of issue.

2. All coupons are payable to the bearer. Interest on reg-
istered bonds, on the other hand, is paid by Government
check directly to the person in whose name the bonds are
registered.

3. "Bonds, notes and Treasury certificates of indebtedness of
the United States, of any issue, including outstanding in-
terim certificates or receipts for payments therefor," will
be accepted at par as security for the deposit of public
money in National and Federal Reserve banks, as well as
for Postal Savings deposits.— Treasury Department Cir-
cular No. 176, Public Moneys, December 31, 1919. Also Reg-
ulations governing the deposit of Postal Savings Funds in
banks. Section 8, 2 (a).

4. The following are available to National and Federal Re-
serve banks as security for the issue of circulating notes:

4% Loan of 1925,

2% Consols of 1930,

Panama Canal Loan, 2%, Series of 1916-1936, and

Panama Canal Loan, 2%, Series of 1918-1938.

None of the other issues of Government bonds enu-
merated in this list bear the circulation privilege.

(B) LIBERTY BONDS AND VICTORY LIBERTY NOTES.
1. EXEMPTIONS FROM CERTAIN TAXES, FEDERAL OR

OTHERWISE.

(a) The following issues are exempt, both as to principal

and interest, to an unlimited amount, from all taxation,
except Estate or Inheritance taxes, nor or hereafter
imposed by the Federal Government, any of the pos-
sessions of the United States, any State or other local
taxing authority — municipality included :

First Liberty Loan, 3^% bonds of 1932-1947, and
Victory Liberty Loan, 394% notes of 1922-1923.

(b) All other Liberty Loan bonds bearing interest at the
rate of 4% and 4k % — whether convertible or converted
— as well as the Victory Liberty Loan, 4%% notes, are
exempt, both as to principal and interest, from all
taxation now or hereafter imposed by the Federal Gov-
ernment, any of the possessions of the United States,
any State or by any local taxing authority, except

(1) Estate or Inheritance taxes, and

(2) Surtaxes, Excess-Profits taxes and War-Profits
taxes, now or hereafter imposed by the United
States upon the income or profits of individuals,
partnerships, associations or corporations.

In other words, all 4% and 4M% Liberty
Loan bonds, vi'hether convertible or converted,
and all 494% Victory Liberty I^an notes are
exempt from the normal Federal Income tax,
as well as from all taxation by any State or
other local taxing authority, but they are not
exempt from Federal Income Surtaxes or from
Estate, Inheritance, Excess-Profits or War-
Profits taxes.

(c) In addition to the foregoing exemptions, some of the
4% and 4M% Liberty l^oan bonds and other Govern-
ment obligations are entitled to certain limited exemp-
tion from Federal Income Surtaxes and from Excess-
Profits and War-Profits taxes. These additional
exemptions apply specifically to the interest derived
from the following amounts of principal — or par value

— of the issues enumerated below:
$5,000 principal in the aggregate of

First Liberty Loan, Converted 4% bonds of 1932-
1947;

First Liberty Loan, Converted 4M% bonds of 1932-
1947;

First Liberty Loan, Second Converted 4%% bonds
of 1932-1947 •

Second Liberty Loan, 4% Convertible bonds of
1927-1942*

Second Liberty Loan, Converted 4M% bonds of
1927-1942;

Third Liberty Loan, 4M% bonds of 1928;

Fourth Liberty Loan, 4M% bonds of 1933-1938;

Treasury Certificates of Indebtedness, and

United States War-Savings Certificates.

(Section 7 of the Act of Congress approved
September 24, 1917— the Second Liberty Bond
Act — as amended and supplemented.)
$30,000 principal in the aggregate of

First Liberty Loan, Second Converted 4M% bonds
of 1932-1947 untU the expiration of two years
after the termination of the war with Germany
as fixed by proclamation of the President.

(Section 1, Paragraph (3) of the Act of Con-
gress approved September 24, 1918 — Supplement
to Second Liberty Bond Act.)
$30,000 principal in the aggregate of

Fourth Liberty Loan, 4^4% bonds of 1928 until two
years after the termination of the war with
Germany as fixed by proclamation of the
President.

(Section 1, Paragraph (1) of the Act of Con-
gress approved September 24, 1918 — Supple-
ment to Second Liberty Bond Act.)
$30,000 principal in the aggregate of

First Liberty Loan, Converted 4% bonds of 1932-

1947,
First Liberty Loan, Converted 4M% bonds of 1932-

1947,
First Liberty Loan, Second Converted 4M% bonds

of 1932-1947,
Second Liberty Loan, 4% Convertible bonds of 1927-

1942,
Second Liberty Loan, Converted 4M% bonds of

1927-1942
Third Liberty Loan, 4M% bonds of 1928. and
Fourth Liberty Loan, 4M% bonds of 1933-1938.

This exemption applies to the interest received,
on and after January 1, 1919, and until the expi-
ration of five years after the termination of war
with Germany as fixed by Presidential proclama-
tion, on $30,000 principal of the issues specified
above.

(Section 2 (a) of the Act of Congress approved
March 3, 1919— the Victory Liberty Loan Act.)
$45,000 principal in the aggregate of

First Liberty I^oan, Converted 4% bonds of 1932-

1947,
First liberty Loan, Converted 4M% bonds of 1932-

1947,
Second Liberty Loan, 4% Convertible bonds of 1927-

1942,
Second Liberty Loan, Converted 4M% bonds of

1927-1942, and
Third Liberty Loan, 4M% bonds of 1928.

This exemption applies to the interest, received
after January 1, 1918, and until two years after
the termination of the war with Germany as fixed
by proclamation of the President, on $30,000 par
value of the bonds above specified. This exemption
is, moreover, conditional upon the holder's having
made an original subscription to two-thirds as many
($30,000) bonds of the Fourth Liberty Loan and
upon his having held those bonds continuously from
the time of his original subscription until the date
of his tax return.

(Section 1, Paragraph (2) of the Act of Con-
gress approved September 24, 1918 — Supplement
to Second Liberty Bond Act.)
$20,000 principal in the aggregate of

First Liberty I»an, Converted 4% bonds of 1932-

1947,
First Liberty Loan, Converted 4M% bonds of 1932-

1947,
First Liberty Loan, Second Converted 4M% bonds

of 1932-1947,
Second Liberty Loan, 4% Convertible! bonds of 1927-

1942,
Second Liberty Loan, Converted 4M% bonds of 1927-

1942,
Third Liberty Loan, 4M% bonds of 1928, and
Fourth Liberty Loan, 4M% bonds of 1933-1938.

This exemption applies to the interest received,
on and after January 1, 1919, on $20,000 par value
of the bonds thus specified. Furthermore, it is con-
ditional upon the holder's having made an original
subscription to one-third as many notes (either
494% or 394% or both) of the Victory Liberty
Loan and upon his having held such an amount of
these notes continuously from the time of his orig-
inal subscription until the date of his tax return.
No limitation as to time was placed upon this ex-
emption which, consequently, terminates only upon
the maturity of the notes of the Victory Liberty
Loan.

(Section 2 (b) of the Act of Congress approved
March 3, 1919— the Victory Liberty Loan Act.)

$160,000 principal (or par value) of Liberty Loan bonds
constitutes the total possible amount, the interest on
which can be exempt from Federal Income Sur-
taxes, Excess-Profits and War-Profits taxes subject
to the restrictions enumerated above.

2. EXEMPTION FROM TAXES OF ALL LIBERTY LOAN
BONDS AND VICTORY LIBERTY NOTES IF HELD BY
FOREIGNERS. ,.,..,

All "bonds, notes, and certificates of indebtedness oi
the United States and bonds of the War Finance Cor-

[Page Eleven]

poration shall, while beneflolally owned by a non-
resident alien individual, or a foreign corporation,
partnership, or association, not engaged in business in
the United States, be exempt both as to principal and
interest from any and all taxation now or hereafter
imposed by the I'nited States, any State, or any of the
possessions of the United States or by any local taxing
authority." * , ,. ..

(Section 4 of the Act of Congress approved IMarch

3, 1919— the Victory Liberty Loan Act— amending
Section 3 of the Fourth Liberty Bond Act ap-
proved July 9. 1918.)

3. CKRTAIN LIHKKT^ BONDS AND VKTORY LIUKKTY
NOTKS ARE RFXKIVABLK AT PAR IN PAYiMKNT (>F
FEDERAL ESTATE AND INHERITANCE TAXES.

.All iW7c Liberty Loan bonds and all 4%7o Victory
Liberty notes "which have been owned by any person
continuously for at least six months prior to the date
of his death, and which upon such date constitute part
of his estate, shall, under rules and regulations pre-
scril)ed by the Secretary of the Treasury, be receiv-
able by the I'nited States at par and accrued interest
in payment of any estate or inheritance taxes imposed
by the I'nited States, under or by virtue of any pres-
ent or future law upon such estate or the inheritance
thereof."

(Section 6 of the Act of Congress approved April

4, 1918— the Third Liberty Bond Act— supple-
mented by Section 1 (d) of the Act of March 3,
1919 — the Victory Liberty Loaji Act.)

4. CONVERSION PRIVILEGES.

The First Liberty Loan, Converted 4% bonds of 1932-
1947 are convertible into the First Liberty Loan,
Converted 4M7o bonds of 1932-1947.

The Second Liberty Loan, 4% Convertible bonds of
1927-1942 are convertible into the Second Liberty
Loan, Converted 4M% bonds of 1927-1942.

The Victory Liberty Loan, 4M% Convertible notes of
1922-1923 are convertible into the Victory Lib-
erty Loan, 3?47o Convertible notes of 1922-1923, and
vice versa.

"No other conversion privileges are extant." — Treasury
Department, Form L & C 400, revised June, 1920.

Whenever an issue of Liberty I^oan bonds is converted
into another issue, the terms and features of the
former become identical with those of the latter,
except that the bonds thus converted retain

(1) their original interest dates,

(2) their original date of maturity of the principal,
and

(3) their original terms of redemption.

5. BOND PURCHASE FUND.

By virtue of SMtion 6 of the Act of Congress approved
April 4, 1918— the Third Liberty Bond Act — which
amended the Second Liberty Bond Act, the Secretary
of the Treasury was authorized to purchase, "from
time to time, until the expiration of one year after
the termination of the war," bonds issued under au-
thority of the Second and Third Liberty Bond Acts,
including converted bonds, at an average cost during
any period of twelve months not to "exceed par and
accrued interest." It was specifically provided that
"The par amonnt of bonds of any such series which may
be purchased in the twelve months' period beginning
on the date of issue shall not exceed one-twentieth of
the par amoimt of bonds of such series originally is-
sued, and in each twelve months' period thereafter,
shall not exceed one-twentieth of the amount of the
bonds of such series outstanding at the beginning of
such twelve months' period."

The Bond Purchase Fimd was subsequently made ap-
plicable to the Fourth Liberty I»an and to the 3%%
and 4%% notes of the Victory Liberty Loan, but not
to the First Liberty Loan, 3^6% bonds of 1932-1947
(unconverted). All bonds purchased were promptly
retired and cancelled, the purpose for Which this
fund was created being "to maintain the stability of
the market for Government securities." The Bond
Purchase Fiuid ceased to be operative on July 1, 1920,
when it was superseded by the Cumulative Sinking
Fund.

6. CUMULATIVE SINKING FUND.

Section 6 (a) of the Act of Congress approved March
3. 1919— the Victory Liberty Loan Act — created a
Cumulative Sinking Fund for the retirement of the
bonds of the First, Second, Third and Fourth Liberty
Loans — both convertible and converted — and the notes
of the Victory Liberty Loan either by payment at ma-
turity or by redemption or purchase prior thereto.
"The average cost of the bonds and notes purchased
shall not exceed par and accrued interest" and, more-

over, all "bonds and notes purchased, redeemed, or paid
out of the sinliing fund shall be canceled and retired
and shall not be reissued."

This Section provided that "For the fiscal year be-
ginning July 1, 1920, and for each fiscal year there-
after, initil all such bonds and notes are retired there
is hereby appropriated, out of any money in the Treas-
ury not otherwise appropriated, for the purposes of
such sinking fund, an amount equal to the sum of (1)
2% per centum of the aggregate amount of such bonds
and notes outstanding on July 1, 1920, less an amoimt
equal to the par amount of any obligations of foreign
Governments held by the I'nited States on July 1,
1920, and (2) the interest which would have been
payable during the fiscal year for which the appro-
priation is made on the lionds and notes purchased,
redeemed, or paid out of the sinking fund during such
year or in previous years."

Section 6 (b) of this same Act repealed the Revised
Statutes which had created a Sinking Fiuul consisting
of "a permanent annual appropriation of 1 per cen-
tum of the entire debt of the United States," for the
reason that this former Sinking Fund "had proved
unworkable and resulted in nothing more or less than
a bookkeeping account."

7. TRANSFER AGENT AND TRANSFER BOOKS.

(a) The Transfer Agent for all issues of Liberty Loan
bonds and Victory Liberty Loan notes is the Office of
the Secretary of the Treasury, Division of Loans and
Currency, Treasury Department, Washington, D. C.

(b) Transfer Books.

(1) For the First Liberty Loan, including the

First Liberty Loan, ^%% bonds of 1932-1947

(known by the short title of "First 3^^'s"),
First Liberty Loan, Converted 4% bonds of 1932-

1947 (known as the "First 4's"),
First Liberty Loan, Converted 4M% bonds of

1932-1947 (known as the "First 4M's") and
First Liberty Loan, Second Converted 4M% bonds

of 1932-1947 (known as the "First Second

4M's"),
the transfer books are closed from the close of
business on May 1.5th to the opening of business
on June 16th and from the close of business on
November 15th to the opening of business on De-
cember 16th of each year.

(2) For the Second Liberty Loan, including the
Second Liberty Loan, 4% Convertible bonds of

1937-1942 (known as the "Second 4's") and the
Second Liberty Loan, Converted 4M% bonds of

1927-1942 (known as the "Second 4M's"),
the transfer books are closed from the close of
business on April 15th to the opening of business
on May 16th and from the close of business on
October 15th to the opening of business on No-
vember 16th of each year.
(3) For the Third Liberty I.oan, 4M% bonds of 1928
(known as the "Third 4M's"), the transfer books
are closed from the close of business on February
15th to the opening of business on March 16th
and from the jclose of business-^on August 15th
to the opening of business on September 16th of
each year.

(4) For the Fourth Lihertv Loan, 4M% bonds of 1933-

1938 (known as the "Fourth 4M's"). the transfer
books are closed from the close of business on
March 15th until the opening of business on Anril
16th and from the close of business on Seotemher
15th until the opening of business on October 16th
of each year.

(5) For the Victory Liberty Loan, including the
Victorv Liberty Loan, 4?4% Convertible notes of

1922-1923 (known as the "Victory 4?4's")

and the
Victory Libertj- I>oan, 394% Convertible notes of

1922-1923 (known as the "Victory 3%'s"),
the transfer books are closed from the close of
business on May 15th until the opening of busi-
ness on June 16th and from the close of business
on November 15th until the opening of business
on December 16th during the years 1920, 1921 and
1922. The transfer books will also be closed at
the close of business on April 20, 1923, prepara-
tory to the final payment of interest on May 20,
1923.

The above information, together with the vari-
ous Rules and Regulations concerning transac-
tloils in liberty Bonds and Victory Notes, will be
found in Treasury Department Circular No. 141,
Loans and Currency, dated September 15, 1919.

W. B. HiBBs AND Company

MEMBERS

NEW YORK STOCK EXCHANGE
BOSTON STOCK EXCHANGE
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CHICAGO BOARD OF TRADE

HiBBS Building
Washington. D C.

'TT^HE information herein contained has
-'- been taken from authoritative sources and

is believed to be correct,
hovyever, guaranteed.

Its accuracy is not,

August 18, 1920.

I

W. F. WBEfiTS CO. WA8HIMT0N D. C-